The Rocks mortgage broker
The Rocks mortgage broker
A mortgage broker
who knows The Rocks.
A tiny private market inside a precinct that is mostly government owned, where a good deal of what looks residential is actually serviced apartment stock. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About The Rocks
What the 2000 market actually looks like
History of The Rocks
The first European settlement in the country, built on the sandstone above Sydney Cove and largely resumed by the government after the plague of 1900. Plans to demolish it in the 1970s were stopped by the green bans, which is why the colonial streetscape survives. Much of it has stayed in government hands ever since.
The Rocks property market
Very small. Two tenths of a square kilometre with fewer than seven hundred residents and a population that has been falling. A large share of the heritage buildings are owned and managed by the state rather than sold, so the private market is a handful of strata buildings and a few dozen sales in a year. The predominant age group is in their thirties.
The Rocks property prices
Premium for position, and the published figures are close to meaningless. With only a few dozen sales a year, a single large or small transaction swings the median wildly, and you will see year on year movements in the data that no market has actually experienced. Price the specific apartment rather than the suburb.
Borrowing in The Rocks
What you are buying matters more than usual. Alongside ordinary strata apartments there is a good deal of serviced apartment and short stay stock in the precinct, which is a very different security and one many lenders will not fund as a home. Establishing which you are looking at, early, saves a great deal of wasted effort.
The Rocks is one of the suburbs we cover across Sydney, and the one where the least of it is actually for sale.
Is it a home or a
serviced apartment?
They look similar in a listing and lenders treat them nothing alike. Send us the address before you go further.
Your broker
Meet Ali Hasani
Ali Hasani is the founder of Buyvest. He has worked in home loans for more than ten years, a lot of it at Commonwealth Bank. We meet clients face to face, or by phone, Zoom and Teams, at night and on weekends as well as work hours. We take your loan to 35+ lenders, compare the numbers, and show you the options. Ali is an MFAA accredited broker with a Diploma of Finance and Mortgage Broking Management and a Post Graduate in Accounting.
Read a median for
this suburb?
With a few dozen sales a year the published figures swing wildly. We will show you what actually sold nearby.
Client stories
How we helped
Three real situations, and what actually happened in each one.
One valuer, then a better one.
The valuation came back below what they had agreed to pay, and their bank would only advance against its own figure. In a precinct where a few dozen properties trade in a year and the buildings are all different, there is a great deal of judgement in that number. We took the property to other lenders, whose panels reached a different view, and one supported the price.
Their lender changed course.
Their lender revised its policy partway through the application and what had been agreed no longer fitted. Nothing about their circumstances had shifted. We moved quickly, took the same file to lenders whose policy still suited it, and placed the loan without losing the purchase. With an older building outside the standard mould, that kind of change is more likely than most people expect.
Equity replaced the deposit.
They wanted an apartment here and assumed a fresh deposit had to be saved first. We reviewed the loan on the property they already owned, moved it to better pricing and released equity in the same application. That covered the deposit and the purchase costs, so their savings stayed untouched. Because the structure affects tax, they worked that side through with their accountant.
These are past client stories, with details changed for privacy. Your own result depends on your situation and what the lender decides.
Free guides
What to know before you buy
Three free guides covering how a The Rocks purchase actually runs, from pre-approval to settlement.
Home loan pre-approval
What it covers, and how long it lasts.
Read the guide
Choosing a home loan
Fixed, variable, offset and redraw.
Read the guide
Settlement day
What has to be ready before then.
Read the guide
Read the free guides in the Loan Vault to know how the home buying process works in NSW.
What we do
Home loans for every The Rocks plan
First home
Learn more
Next home
Learn more
Investment property
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Refinancing
Learn more
Construction loans
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Bridging loans
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Guarantor loans
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No LMI and waived LMI
Learn more
Self employed home loans
Learn more
Not sure where to start? See what a mortgage broker actually does.
When did you last
check your rate?
We compare your current home loan against 35+ lenders. If a refinance saves you money we will show you the numbers, and if it does not we will tell you that too.
Your job matters
Home loans by profession
Some lenders drop lenders mortgage insurance for certain jobs, and at these prices that is a large sum. The lists and the limits differ from one lender to the next, so it is worth checking where yours sits.
Home loans for
Doctors
Learn more
Home loans for
Dentists
Learn more
Home loans for
Accountants
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Home loans for
Lawyers
Learn more
Not sure if your job is on a list? See No LMI and waived LMI home loans, or ask us and we will check every lender on our panel.
Plan ahead
Run the numbers
Free tools that show you where you stand right now.
How it works
Three steps to your loan
1
Financial health check
2
Get pre-approved
3
Settle, then stay in touch
Client reviews
5.0 ★★★★★ on Google
Reviews from clients across Sydney.
★★★★★
"Cannot recommend Ali highly enough. He made a complicated and daunting process incredibly easy, and continually went above and beyond. Would absolutely recommend him to everyone."
★★★★★
"Ali is super knowledgeable, reasonable and personable! He will be realistic with what is possible but always find you the best deal whilst making you feel looked after."
★★★★★
"Ali was very professional and was able to help with our complicated loans to refinance. He kept us up to date throughout the process and made sure my wife and I understood everything before signing and that we had no issues after settlement."
FAQ
The Rocks questions, answered
Why use a mortgage broker in The Rocks?
Because the properties here are unusual, the market is tiny and a good deal of what is advertised is not the ordinary residential security it appears to be. Lenders differ sharply on all of that, and one bank tells you its position only after you have applied. We compare 35+ lenders at no cost to you, under a legal obligation called the Best Interests Duty.
What is a serviced apartment and why does it matter?
It is an apartment operated as short stay accommodation, usually under a management agreement with an operator who runs the letting and takes a share of the return. That agreement sits over the property and travels with it. Because the security is closer to a business arrangement than a home, many lenders will not fund one, and those that do commonly advance far less.
How do I tell the difference in a listing?
Look for references to a management agreement, guaranteed or pooled returns, an operator, short stay letting or an on site manager. If the sale is being marketed on the income the operator produces rather than on the apartment itself, that is the signal. Your solicitor will confirm it from the contract, and it is worth asking the agent directly at the first inspection.
Can I live in a serviced apartment I buy?
Often not, or not without limits, because the management agreement and the strata by-laws may commit the apartment to the letting pool. That is a question for your solicitor rather than a general answer, and it needs settling before you exchange rather than afterwards, since it changes both what you can do with the property and who will lend on it.
What about ordinary apartments used for short stay letting?
Different again. A standard strata apartment where the owner lets short term is still an ordinary residential security, though the by-laws of the scheme and the local planning rules govern whether short stay letting is permitted at all. Lenders also generally count little or no short stay income when assessing you, since it is treated as unreliable.
Why is the published median unreliable here?
Because with only a few dozen sales in a year, one unusual transaction moves the whole figure. You will find published growth rates for this postcode that no market has actually experienced, produced entirely by the small sample rather than by anything happening on the ground. Look at comparable recent sales in the specific building instead.
Why do valuations vary so much?
Because each lender uses its own panel of valuers, and with so little comparable evidence there is far more judgement involved than in a suburb with plenty of recent sales. Two valuers can land some distance apart on the same apartment. Since the lender lends against its own figure, that variation matters on both a purchase and an equity release.
What happens if the valuation comes in low?
On a purchase you cover the difference in cash at settlement, because the lender advances against its valuation rather than the price you agreed. A lender will not order one until contracts are exchanged, so the buffer needs to exist beforehand. Another lender using a different panel can reach a different figure, which is worth pursuing quickly.
Are heritage buildings a problem for lenders?
Not inherently. What lenders respond to is the condition of the building, the size of the apartment, how the scheme is run and what obligations sit over the property. A well maintained heritage building in ordinary strata is generally straightforward. It is the specifics rather than the age that shape the answer.
Do strata levies affect what I can borrow?
Yes, because levies count as an ongoing commitment in the assessment. In a heritage building the forward maintenance is the item to watch, since the fabric is expensive to look after and the fund behind it may not reflect that. Either way the levies reduce your borrowing capacity for as long as you own the apartment.
What should I look for in the strata records?
The capital works fund against the age of the building, the forward maintenance plan, any special levies raised or foreshadowed, whether there is litigation, and the by-laws covering letting. In a precinct like this the by-laws matter as much as the finances. Your solicitor reads it all with you before you commit.
How much deposit will I need?
Twenty per cent avoids lenders mortgage insurance, and at these prices that is a substantial figure. Some occupations qualify for a waiver. If you already own property, equity generally does the work in place of cash. Where the apartment carries a management agreement, expect the requirement to be considerably higher if a lender will proceed at all.
What is lenders mortgage insurance?
A single charge applied when your loan passes eighty per cent of what the property is worth. It insures the lender against loss and does nothing for you directly, despite what the name implies. Most borrowers add it to the loan. It disappears with a bigger deposit, an occupational waiver at some lenders, a family guarantee, or the Australian Government 5% Deposit Scheme.
Would the 5% Deposit Scheme apply here?
Realistically not, since prices in this precinct sit above the scheme property cap and the property types often would not qualify in any case. The scheme lets an eligible first home buyer purchase with a 5% deposit and pay no lenders mortgage insurance, with Housing Australia guaranteeing the gap to 20%. It works better elsewhere in the city, and we can point you there.
How long does pre-approval last?
Around ninety days as a rule, renewable with updated payslips and statements. It tells you what a lender will consider based on your circumstances. It is not approval on a particular apartment, and here the property is precisely where the questions arise, so raise an address with us as soon as one is in view.
Does a large loan get assessed differently?
The logic is the same, with more scrutiny of income sources and more documentation to gather. Where income includes bonuses, share based payments or company distributions, lenders differ considerably in how much they count. Getting that presented properly at the outset usually decides the outcome more than the rate on offer does.
Can I use equity in another property to buy here?
Yes, and it is the usual route for buyers who already own. You release equity from what you hold to cover the deposit and costs, so nothing comes out of savings. Two loans result, one secured by each property. Keeping them separate preserves your flexibility, and your accountant should review the structure before it is set up.
How much equity can I use?
As a working figure, eighty per cent of the current value less whatever remains on the loan, with mortgage insurance reappearing beyond that point. In a precinct this thinly traded the valuation itself is the number worth nailing down rather than estimating. Once it is settled, what your income supports normally becomes the real constraint rather than the equity.
What is an offset account?
A transaction account linked to your loan, where the balance is deducted before interest is calculated. Money held there reduces the interest you pay while remaining fully accessible. On a large balance the effect is considerable, and it suits anyone holding funds against a levy or maintenance cost that falls unevenly through the year.
Offset or redraw?
Offset money stays in your own account and never becomes part of the loan. Redraw money has already been paid in as extra repayments and comes back out under terms the lender can change. Offset gives certainty of access, which matters more the larger the sum. Redraw generally sits on a simpler loan at a lower rate.
How much of the rent would a lender count?
A portion rather than all of it, and only where the letting is conventional. Expected rent is discounted for vacancy, management and running costs, then the loan is assessed at a rate above the one you pay, with levies coming off on top. Short stay or pooled income is generally treated far more conservatively again, or not counted at all.
When is refinancing worth looking at?
Whenever a couple of years have gone by without comparing, because lenders reserve their sharper pricing for new customers and the gap widens quietly. Where the apartment is unusual, confirm the incoming lender accepts the property type before starting, since a refinance can stall on exactly the same question a purchase would.
What does refinancing cost?
Somewhere in the range of a few hundred dollars to a thousand. The lender you leave charges to discharge, the government charges to register the change, and the incoming lender occasionally adds settlement or valuation fees, though many do not. On a fixed rate the break cost is the figure that settles it, so we work that out before anything else.
The apartment has a management agreement over it. Does that matter?
It can be the whole question, and this is where a general answer is useless. Which lenders will fund an apartment subject to a management or letting agreement, how much they will advance and whether they will proceed at all differ between lenders and change over time. Send us the address before you exchange and we will check the panel.
Do we have to meet in person?
Only if you would like to. Phone, Zoom or Teams covers the entire process, with paperwork shared and signed electronically, and most of our clients never sit across a desk from us. If meeting face to face suits you better, we travel to you, weekday evenings and weekends included.
Should I use my bank or a mortgage broker?
A bank offers its own loans, its own valuation panel and its own view of unusual property. If the apartment carries an agreement they will not accept, that is the answer, and you usually discover it after applying and paying for a valuation. We check it across 35+ lenders first, at $0 cost to you.
Your The Rocks mortgage broker
Your home loan.
Made simple.
Free check. No pressure. 35+ lenders compared at $0 cost to you.
The Rocks sits on the headland above Sydney Cove. Circular Quay is east and Dawes Point and Millers Point north and west, with Barangaroo south along the waterfront. Wynyard and Martin Place sit in the city behind, with Town Hall further south, Pyrmont west and Woolloomooloo east. Across the bridge are Kirribilli, Milsons Point and McMahons Point. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.